By Brett Warren December 5, 2022

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These are the most expensive homes you could have bought in 2022

Property Investment
These are the most expensive homes you could have bought in 2022

The extraordinary momentum of Australia’s property market in 2021 fizzled out at the beginning of 2022 with prices cooling from their peak amid raising interest rates and tapering demand.

The combined value of all residential real estate was estimated to be $9.5 trillion at the end of October 2022, according to the latest Corelogic data.

This was down from an estimate of $9.6 trillion in the previous month, and a peak of around $10 trillion in April this year.

While the housing market downswing has become more broad-based, the monthly rate of decline slowed to -1.2%, from -1.4% through September.

Housing Market

Sales volumes are also trending lower as buyer demand slows, with CoreLogic estimating that in the 12 months to October, there were 551,981 sales nationally, down -9.3% compared to the previous year.

But not all markets are created equal.

While the current adjustment phase of the property market has hit the more affluent property markets around Australia hard, some segments of the prestige property market, where prices are sky-high, continue to perform strongly with the 2022 calendar year recording some of the highest property sales on record.

According to a recent Ray White analysis, the pandemic-induced surge in property prices wasn’t just restricted to houses in the high-end property market, units also sold in huge volumes to reach record highs too.

In 2022 alone so far, there were in excess of 1,400 units sold over $3 million, and over 550 houses sold over the $10 million mark.

Sure there are fewer transactions occurring at the top end of the market at present, but it’s clear that, if anything, the slowdown in Australia’s property market has done nothing to stop Australia’s wealthiest people from spending just as much (or even more) on their trophy homes throughout the past year.

Here is a rundown of the top five most insanely expensive properties that sold in Australia in 2022.

1. 29-31 St Georges Road, Toorak, VIC (Sold for $88 million in August 2022)

Source: Google maps

29-31 St Georges Road, Toorak, the highest price paid for a home in Victoria, and third highest property sale in Australia…ever… at $88 million.

The French Renaissance-style mansion on a 7113-square-metre block was bought for $5 million in 1991, Pricefinder data shows.

Domain reported in 2017 that 29-31 St Georges Road was an “unfinished mansion” with 19 bedrooms, collecting cobwebs – a “ghost house” on a grand boulevard.

2. 17 St Georges Road, Toorak, VIC (Sold for $65 million in August 2022)

Source: Domain

"Blair House" is set on 7,800sqm of botanic parklands in Toorak's premier boulevard.

The expansive solid brick Georgian Revival residence, designed in 1936 by architects Hughes and Orme, has 10 bedrooms, 7 bathrooms and vast lawns.

The floorplan includes formal living areas - a drawing room and a sitting room - plus ten bedrooms, a study, a retreat, a grand “reception hall”, a breakfast room and terraces unfurling to the lush gardens.

At $65 million, the Victorian property sold far higher than the price benchmark of $52.5 million.

3. 3 Lindsay Avenue, Darling Point NSW (Sold for $63-67 million in March 2022)

Source: realestate.com.au/Alison Coopes

This 2,396m2 6 bedroom, 6 bathroom, 4 parking waterfront property has a media room, gym and self-contained guest house.

Outside, the grounds feature an infinity pool with a heated spa, fire pit, sundrenched landscaped gardens, limestone terraces, guesthouse and boating facilities with views overlooking Sydney’s iconic harbour.

The Lindsay Avenue property also boasts oak floors, secure undercover parking for five cars and ducted air conditioning.

The property sold in March 2022 for an estimated $63-67 million - it last sold in 2013 for $32 million meaning its value has nearly doubled in the past nine years.

4. 38a Wentworth Road, Vaucluse, NSW (Sold for $63 million in February 2022)

Source: Domain

This seven-bedroom property isn’t on the waterfront, but it does still have views of the iconic Sydney Harbour Bridge and Opera House.

With three kitchens, two internal lifts and a 20-car garage has just sold for an incredible $63m after three years on the market.

The residence also has a cinema, gym, two swimming pools, and a function centre with its own garage.

5. 20 Wolseley Road, Point Piper, NSW (Sold for $45 million in April 2022)

Source: realestate.com.au

20 Wolseley Road, Point Piper is a 5 bedroom, 6 bathroom House with 4 parking spaces sitting on an 852m2 land size, with a floor size of 449m2.

It is set right on Seven Shillings Beach and with a backdrop of idyllic Bay & Harbour views from the beach to the Opera House, Harbour Bridge and beyond. It even has a ‘Pagoda’ Boathouse deepwater berth.

The impressive property sold for $45 million in April 2022 after being listed in mid-2021.

Australia’s most expensive homes, 2022

Ranking	Street name	Suburb	Sale price (million)	Sold in
1	29-31 St Georges Road	Toorak	$88 million	August 2022
2	17 St Georges Road	Toorak	$65 million	August 2022
3	3 Lindsay Avenue	Darling Point	$63-67	March 2022
4	38a Wentworth Road	Vaucluse	$63	February 2022
5	20 Wolseley Road	Point Piper	$45	April 2022
6	802 Orrong Ave	Toorak	$38.5	March 2022
7	sub-penthouse at STH BNK, Southbank Boulevard	Southbank	$35	April 2022
8	85 Wallaroy Road	Woollahra	$35	June 2022
9	28 Grange Road	Toorak	$22.5	January 2022
10	213 Hedges Avenue	Mermaid Beach	$21	May 2022

Source: Domain Group and realestate.com.au

NSW and VIC dominate the list, again

When it comes to Australia’s most expensive properties, Sydney’s eastern suburbs and Victoria’s Toorak dominated the list for another year

Interestingly, realestate.com.au and Domain data shows that the median house price for each of the top 5 suburbs doesn’t come in the same order.

Darling Point has the highest median house price of $10.35 million, putting it ahead of nearby Point Piper with its $9.9 million median house price.

Rose Bay’s median house price sits at $5.8 million while Toorak’s median house price comes in at $5.3 million.

This context really does highlight how extravagant the top sales were - coming in as much as 16 times the suburbs' median!

The outlook for the country’s most expensive property

According to Ray White senior economist Nerida Conisbee, the outlook for luxury property remains positive despite the general slowdown in the market currently occurring.

“The most popular luxury suburbs are short on land and as a result, it’s going to continue to be difficult to secure a home within them,” she said.

And despite inflation woes, there are still a lot of people making a lot of money who will be looking to buy beautiful properties.

Domain data shows that 694 homes with $10 million or more sold in Sydney during the past 12 months.

Another 61 properties of the sale value sold in Melbourne, 14 in Brisbane, and 11 in Perth.

High Priced Property

A final note

While these top 10 highest property sales make interesting reading, they aren’t necessarily the suburbs I would recommend investing in.

At Metropole, we always advise on the importance of investment-grade properties and locations, rather than chasing a hotspot or growth area.

That’s areas and properties which hold their value over the long term, rather than benefit from an uptick in demand.

But even before looking for the right location, make sure you have a Strategic Property Plan to steer you through the upcoming challenging times our property markets will encounter.

Because aside from remembering that you should focus your efforts on investment-grade properties and locations, you also need to remember that property investing is a process, not an event.

That means that things have to be done in the right order – and selecting the location and the right property in that location comes right at the end of the process.

And that’s because what makes a great investment property for me, is not likely to be the same as what would suit your investment needs.

ALSO READ: Australia’s 30 most expensive suburbs to rent revealed

About Brett Warren Brett Warren is National Director of Metropole Properties and uses his two decades of property investment experience to advise clients how to grow, protect and pass on their wealth through strategic property advice.